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France and Italy lead charge for EU pact change

Central Banking staff

26 Nov 2003

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French Finance Minister Francis Mer said Wednesday the EU should consider revising the stability and growth pact in 2005. While Italian Treasury undersecretary Gianluigi Magri commented "Pact 1 is finished with. We need to change the parameters in a Pact 2 because the first was found to be too constrictive."

Source: Reuters

France and Italy urged an overhaul of Europe's Stability and Growth Pact on Wednesday, only a day after EU finance ministers defied the European Commission and ran roughshod